( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN

Number of mentions of the one true satanic culprit for oil price explosion? Zero. For everything else there is scapegoating. And again. And again.

And the next question: how long before executive order XXXXX decides that it is in the national interest to sequester all black gold held in speculative accounts? And how much after that will all gold be confiscated, without prejudice for color?

It's those damn short sellers...ban them all...I mean longs. That's it! It is the speculators buying that are driving up the price! Right. Ban longs...in oil, but shorts in banks. That's it. Go get 'em Mr. Attorney General, good ol'...what is his name?

( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN

I just found the culprits. It turned out to be the usual suspects once again. But they are outside of the US and are in it for their LONG TERM gain, thus by-passing Obamas search criterion.

“Traders of the the ICE core membership (GS, MS, BP, DB, RDS.A, GLE & TOT) wouldn’t really have to put much money at risk by their standards in order to move or support the global market price via the BFOE market. Indeed the evolution of the Brent market has been a response to declining production and the fact that traders could not resist manipulating the market by buying up contracts and “squeezing” those who had sold oil they did not have. The fewer cargoes produced, the easier the underlying market is to manipulate.” – Chris Cook, Former Director of the International Petroleum Exchange, which was bought by ICE.

Goldman Sachs, Morgan Stanley, BP, TOT, Shell, DB and Societe General founded the Intercontinental Exchange in 2000. ICE is an online commodities and futures marketplace. It is outside the US and operates free from the constraints of US laws. The exchange was set up to facilitate ”dark pool” trading in the commodities markets. Billions of dollars are being placed on oil futures contracts at the ICE and the beauty of this scam is that they NEVER take delivery, per se. They just ratchet up the price with leveraged speculation using your TARP money. This year alone they ratcheted up the global cost of oil from $40 to $80 per barrel.

Oil prices fell for a second day Tuesday despite recent sentiments expressed by the Organization of Petroleum Exporting Countries (OPEC) and Saudi Arabia in particular. The oil cartel insisted on Monday that global supply was adequate and blamed market speculation and a variety of unrelated factors for the recent run-up in price.

WTF Now Bambi wants us to believe he thinks somebody will take advantage of us. Now......

After the Morque, Godman Shafts and Shitty Bank leveraged oil up. They did everything from trading the futures market, to buying tankers full of it and holding offshore until they jacked up the price. With our tax dollars, bailout money and pomo funds. Nice. Now....... WTF.......Unbelievable !!!

Ironic....a week ago he was telling people to buy more fuel efficient cars and get rid of gas guzzlers...now he wants to root out fraud and corruption in the oil markets...why doesn't he attack fraud and corruption in the subprime scam the same way? It's all a fucking distraction in a lame attempt to pass the responsibility to someone else. Obama is a worthless fucktard!

Cause he doesn't really intend to do anything. Just that the price of oil at the pump is fresher on people's minds than housing which is so passe. So he can appear to be championing for the little guy.... part of his "hope and change" old strategy. He is hoping he can do good and change the price for us so we will be so happy and reelect him.

maybe g.w. bush was wrong about fool me once, shame on you, fool me twice, well won't get fooled again. but again and again and again by the same guy? obama managed one of the great long cons in the history of the world but i think he's wrong to try the very same one with the very same marks. again.

there is plenty of technology on tap to blast deep sticky hydrocarbons with heat and steam and fuel compounds. military aerospace engineers have figured this out. they can get out the heavy oil and unconventional hydrocarbons.

Great post. This article is another example of zerohedge defending the bankers and hedgefund pirates under the guise of the "free market".

"So what if they're taking our money, putting it into fraudulent financial instruments in order to drive up the prices of food and oil, leaching money out of the real economy and starving millions? If you're against that then you're a communist." - Insane ex-military tea partiers who populate this site.

When will you realise you are useful idiots of the Koch brothers, the whole Libertarian scam is designed to make you believe we shouldn't tax the rich. That is IT!

The Saudis scarily have everyone by the balls...i think the world in the future is going to be run by the Dubai princes and all of these guys sitting on top of their oil hoards. when everyone else is dying of starvation they'll still be driving supercars.

Who is John Goa'uld? It's Barry Soetero. There would be no need for the chairsatan to buy so many treasuries nor for the Treasury to sell so many bonds if this anti-american manchcurian candidate had vetoed his evil buddies in Congress down to, oh, a quarter of the deficit level he's running.

Rand's capitalists uncover a stargate, and proceed to use it for what it should have been used for in the first place--trade en extremis. Galt and his 1940's tech combined with free market efficiency versus the super-advanced Goa'uld and their arcane authoritarian slave economies.

In school we were taught that the US was the bedrock of the global economy and our triple credit rating was almost a foregone conclusion. US bonds were the safest investment in the world and the chance of a default was unthinkable. Of course with our politics in Washington, we now know that we are living in a fool’s paradise and what should be abundantly clear is that we can’t continue to have our cake and eat it too.

Call it a deficit drop off! Oil prices dropped dramatically after the S&P downgraded the US debt outlook from stable to negative. Precious metals saw extreme volatility as traders were not quite sure whether to take this news as bullish or bearish. Normally if the US debt rating is lowered the value of interest-rates will have go higher to attract investors to buy our out of control debt. In that case, the value of the dollar would go higher. Yet higher rates could slow economic growth thereby creating a double whammy for energy prices. Lower demand and a higher dollar would mean lower prices. Normally that would be bearish for precious metal yet the threat of a downgrade for the US could shake confidence in the entire structure of the global economic system, creating a desire to get rid of worthless government paper and get into hard assets like gold, silver and even Black Gold, our precious crude oil.

Now the question is whether Washington will finally wake up to the very real threat that stands to shake the confidence in the greatness of the Untied States of America. Our politicians live in a fool’s paradise just like the fools that are saying that evil speculators are driving up the cost of oil. Why can’t these people acknowledge the risks that are right in front of them? Why can’t they see that the US debt and the steps to keep our economy afloat is a major factor driving commodities? The Untied States of America is running a dangerous deficit printing money like it is going out of style and we are now at the highest risk of default in many years and people wonder why they have to pay four dollars of US paper to buy a gallon of gas! Is it any wonder why open interest is running to commodities? It is because the fundamentals demand it! Interest rates in the US are below zero forcing money into commodities!

Wake Up! It is time to grasp the truly historic macroeconomic events that are playing out before our very eyes and realize that by printing money to pay off debt has a real cost to everyone in this country. It impacts the cost of oil. It shakes confidence in the purchasing power of the dollar. It shakes confidence to the global economic infrastructure and makes commodities inherently more valuable. I am tired of the growing attacks on the free markets and freedoms in general as people want to live in a world of denial. The US is in big trouble if they don’t get their budget under control. Oil is more expensive because the US has been printing money to prop up its incredible amount of debt. I am tired of Washington blaming Wall Street or capitalism or speculators for the global economic problem when the problem is mainly created in Washington by those same politicians. They can’t keep spending money the US doesn’t have. You can’t keep printing money to pay of your gluttonous spending. You can’t keep strangling economic growth by taxing the heck out of the most productive parts out of our economy and continue to expect that we can provide the type of growth it will take to get the economy out of its current fiscal situation. Wake Up!

I am tired of analysts with such a narrow view of fundamentals who can’t acknowledge that the market is right and they are wrong. The market is acknowledging the impact of the US debt situation as well as the geo-political threat to oil which is at the highest level since the Arab oil embargo. Ever since I have been in the futures business I have heard people blame speculators for the price increases in oil, yet looking back over the last 25 years you can see a solid fundamental reason for the price moves. In fact I have been telling people since the year 2000 that explosive economic growth in China and OPEC manipulation has been driving the price of oil and not speculators.